Hurricane
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The increase mainly stemmed from an influx of personal property claims. -
The index has recorded gains over the previous two months following sharp falls in September due to Hurricane Ian.
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The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
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Just over a month ago, Floir reported claims relating to Hurricane Ian worth $10.3bn.
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The update to the October figure implies the ultimate number will comfortably breach the $50bn mark.
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The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
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On Tuesday, the bill passed in the State Senate 27-13, and today's passage in the House represented an 84-33 party line split.
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Florida has been seeking legislative reform amid a breakdown of the functionality of its insurance market.
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The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
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As Trading Risk welcomed ILS market leaders to its Monte Carlo roundtable, there were already headwinds challenging the asset class even before the late September landfall of Hurricane Ian in Florida.
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Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%.
